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1990-11-26-AC-MIN.pdf
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1990-11-26-AC-MIN.pdf
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1990
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Minutes - AC - Appropriation Committee
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APPROPRIATION COMMITTEE MEETING <br /> NOVEMBER 26, 1990 <br /> Present: <br /> J. Pagett M. O'Sullivan <br /> M. Mairson J. Curry <br /> R. Sousa G. Burnell <br /> R. Levy J. Ryan <br /> * General discussion on Art. 3 (Unpaid Fir 90 School Bills), see handout, <br /> "AC recommendations to Town Meeting re: Art. 3" <br /> *attempt to put School Comm. on notice, but find it difficult to get a <br /> guarantee from the S.C. that the same won't occur in FY 91 <br /> * discuss methods on eliminatirng the suprise issue <br /> * AC feels it has no alternative but to suggest approval <br /> *While we see this as the only practical solution available to Town <br /> Meeting we are concerned that the deficit was not anticipated by the <br /> School Department. Any deficit should be identified at an earlier date <br /> -- . <br /> in order to insure there is the ability and flexibility to respond to chang- <br /> ing conditions. The AC is encouraged that SC has already identified a <br /> potential $400,000 problem in FY 91 and has begun to address the <br /> potential problem. <br /> *The further into FY 91 one gets the more drastic the cuts will be in <br /> order to close the deficit. <br /> * General discussion of Art. 2 (Pine Meadows/ Meagherville Development) <br /> * discussion of "incremental" costs <br /> * J. Pagett has had some discussions with Lisa Albergini, Community <br /> Builders, a limited partnership <br /> * Community Builders has a track record at the Franklin School <br /> * Lexington Savings will hold the mortgage and will require a <br /> guarantee <br /> * at end of investment period what will Lexington have? <br /> * worst case senario, all rents dry up, Town left with a $378K mtg <br /> * general discussion on C.707 & Sect. 8 subsidies, is Town liable for <br /> non-performing rents, how solid is the Commonwealth's committment <br /> with 18 back-up certificates <br /> * AC's concerns are primarily in the area of incremental school costs, <br /> the infrastructure, drainage, street lighting <br /> * AC would like to have available a 5 year cash flow projection <br /> * is the town on the hook if there should be a default? <br />
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